The Mililani Community Shopping Center is one of two principalretail centers in the master-planned community of Mililani,situated in central Oahu, north of Pearl Harbor. The center isanchored by locally owned Foodland Super Market, the largestgrocery chain in Hawaii, and Ross Dress for Less. Additionaltenants of note include 24-Hour Fitness, First Hawaiian Bank, Jackin the Box and a variety of retailers, restaurants, professionaland service providers.
The Mililani center purchase represents entry into the Hawaiimarket for Stoneridge, which has completed more than $140 millionin acquisitions since April 2009. Greg Merage, CEO of StoneridgeCapital Partners, comments regarding the Mililani acquisition that,"Due to supply constraints within the local market, this shoppingcenter benefits from both high occupancy levels and historicallyhigh rental rate growth, making it an ideal fit for our real estateinvestment strategy."
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